R.6.^. 


I  House  Bill,  No.  31.] 

HOUSE  OF  REPRESENTATIVES,  December  16,  1863.— Read 
Urst  and  second  times,  and  referred  to  Special  Committee  on  the  Cur- 
rency, and  ordered  to  be  printed. 

[JBy  Mr.  Foster.] 


A.   BILL 

To  be  entitled  An  Act  to  amend  An  Act  entitled  '•'■  An  Act  to  provide 
for  the  funding  and  further  issue  of  treasury  notes,"  approved 
March  23,  1863. 

1  Section  1 .   The  Congress  of  tlie  Confederate  States  of  America  do 

2  enact^    That  all  treasury  notes  issued  previous  to  the  1st  day  of 

3  January,  1864,  or  that  may  hereafter  be  issued  previous  to  tl  ■ 

4  Ist  day  of  January,  1864,  may  be  convertable,  at  the   pleasure 

5  of  the   holder,   into    Confederate   bonds,  bearing   six   per  cent. 

6  interest;  the  interest  payable  semi-annually  in  gold  and  silver; 

7  this  privilege  to  extend  to  the  holder  of  treasury  notes,  until  six 

8  months  after  the   approval  of  this   act;    but   after  that   period, 

9  treasury   notes  may   not  be   converted   into   bonds,   bearing   a 

10  greater  interest  than  four  per  cent.,  the  interest  payable  aemi- 

1 1  annually  in  gold  and  silver. 

1         Sec.  3.  That  all  notes  issued  subsequent  to  the   1st  day  of 


2 

3  January,  1864,  under  the  provisions  of[this  act,  shall  be,  and  are 

3  hereby,  declared  to  be  a  legal  tender,  and  that  the  guaranty  of 

4  such  of  the  Confederate  States,  as  have  been,  or  may  hereafter 

5  be  made,  shall  be,  in  the  first  place,  applied  to  the  treasury  notes 

6  that  may  be  issued  subsequent  to  the  1st  day  of  January,  1864, 

7  and  such  guaranties  shall  protect  the  notes  issued  subsequent  to 

8  the    1st   day  of  January,    1864,  to   the   exclusion   of  all   other 

9  treasury  notes. 

1  Sec.  3.    That  in  lieu  of  all  other  authority  to  issue  treasury 

2  notes  heretofore  granted  to  the  Secretary  of  the  Treasury,  he 

3  shall  be  authorized  to  issue  monthly,  during  the  present  war,  an 

4  amount  not  exceeding  millions  of  dollars  of  such  notes, 

5  payable  six  months  after  the  ratification  of  peace  between  the 

6  Confederate  States  and  the  United  States ;  they  shall  be  in  such 

7  form,  and  in  such  denominations,  as  the  Secretary  of  the  Treasury 

8  may  prescribe ;  and  each  note  shall  specify  the  month  of  its 

9  issue ;  and  the  authority  hereby  given  to  the   Secretary  of  the 

10  Treasury  to  issue  treasury  notes,  shall  cease  on  the  meeting  of 

1 1  the  first  Congress  after  the  ratification  of  peace   between  the 

1 2  Confederate  States  and  the  United  States. 

1  Sec.  4.  That  all  treasury  notes  heretofore  issued,  or  that  may 

2  hereafter  be  issued,  shall  be  receivable  in  payment  of  all  public 

3  dues,  except  in  the  payment  of  export  duties. 

1        Sec.  5,  That  the  holder  of  treasury  notes,  issued  subsequent 


3 

2  to    the   Ist   day  of  January,    1864,  may,  at  any  at  time   within 

3  twelve  months  from  the  time  of  their  issue,  convert  the  same  into 

4  Confederate  bonds,  bearing  interest  at  the  rate  of  six  per  cent., 

5  the  interest  to  be  paid  semi-annually  in  gold  and  silver,  which 

0  bonds  shall  be  covered  by  tire  guaranties  of  the  several  States, 

7  in  the  same  manner  that  the  notes  given  for  such  bonds  were 

8  guarantied  so  that  the  conversion  of  such  notes  into  bonds  shall 

9  not  impair  the  security  that  was  afforded  to  the  holder  of  such 
10  guaranty. 

1  Sec.  6.  That  Congress  shall  have  the  power  to  require  such 
3  notes  to  be  funded  at  any    time  after   twelve   months   from   the 

3  issuance  of  such  notes  into  bonds  bearing  six  per  cent,  interest; 

4  such  bonds  to  be  in  such  form  as  the  Secretary  of  the  Treasury 
b  may  prescribe,  the  interest  payable  semi-annually  in  gold  and 

6  silver,  to  be  in%ured  by  coupons  annexed,    and  so  marked  and 

7  identified  as  to  show  such  bonds  are  to  be  first  secured  by  the 

8  guaranty  of  the  States  as  aforesaid. 

1  Sec  7.  That  a  tax  of  five  per  cent,  per  month  be  levied  on  all 

2  outstanding  treasury  notes  after  the  1st  day  of  February,  1864, 

3  to  be  collected  on  the  first  day  of  each  and  every  month. 

1  Sec.  8.  Be  it  further  etMcted,  That  no  treasury  notes,  bearing 

2  interest,  shall  hereafter  be  issued,  and  all  laws  in  conflict  with 

3  this  act  are  hereby  repealed, 


t  >V  V  A 


